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  "documentTitle": "Time Warner Inc. (TWX)",
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  "authorName": "Lazard",
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  "presentationDate": "2006-02-01 00:00:00",
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      "text": "Overall maturity of the video market; Ultimate penetration levels for high speed data; Success of the VoIP telephony rollout; VoIP's positive impact on data penetration; HDTV rollout and its impact on potential future capital expenditures; Impact of bundling to increase subscriber growth or reduce video subscriber churn; Imbedded discount strategies for bundled services; Projected basic rate increases; TWC's ability to develop a strong advertising market in New York City and Los Angeles; Successful M&A transactions; Price-based competition from DBS and RBOCs; The role of cable operators in home networking",
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      "text": "TWC's financial results over the 2006 - 2010 period are expected to be driven by a number of factors:",
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      "text": "For purposes of capital structure and valuation analysis, consensus analyst projections have been utilized and the costs associated with TWC becoming a separate, publicly traded company are assumed to be incorporated into such forecasts (as TWC is expected to be a public company before June 30, 2006).",
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      "text": "The financial projections that are summarized in this section are based on publicly available Wall Street research reports that include projections pro forma for the Adelphia/Comcast transactions.",
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      "text": "VI. PROJECTED FINANCIAL PERFORMANCE",
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